Medico Finance

Sometimes also referred to as “Medico Pack” home loans, is a specialist discounted home loan available to certain medical professionals. Proven statistics, has confirmed that medical professionals have the lowest delinquency rate plus a higher than average loan size.

Who Is Eligible for Medico Finance Loans?

  • Chiropractor
  • Doctor of Medicine
  • Dentist
  • Pharmacist
  • General Practitioner
  • Surgeon
  • Hospital – Employed Doctors (Intern, Resident, Registrar, Staff Specialist)
  • Optometrist
  • Radiologist
  • Veterinary Practitioner
  • Physiotherapist

What Types of Discounts/Special Deals Do Medical Professionals Receive?

The types of discounts/special deals range from:

  • Discounted interest rates
  • Discounts on Mortgage Insurance (LMI) or even no Mortgage Insurance
  • Easier loan approval – even for the typical “hard loan proposals”
  • No set up cost or application costs
  • No valuation
  • Special interest rate for family members
  • Easier cash out (equity release policy)

What Medico Sector Features and Benefits Are Available To Me?

In addition to the above Discounts/Special Deals (i.e. a very competitive interest rate). A Medico Finance loan also has the following features and benefits that you need, both for today and for the future:

  • Confirmation and validation of 5 per cent genuine savings is not required for applications
  • A maximum loan to value ratio (LVR) of 90 per cent may be approved without then need to obtain mortgage insurance (LMI)

Apply for Special Home Loans for Doctors and Medical Professionals

What Types Of Security Property Are Acceptable?

The following types of security properties can be provided as security for Medico Home loans:

  • Residential properties
  • Practice premises that are converted residential houses

What Are The Acceptable Loan Purposes?

  • Purchase Owner occupied and Investment dwellings
  • Refinance
  • Equity Release and Debt Consolidations

Can I Refinance Working Capital?

Refinancing of working capital, equipment finance and all other business loans are excluded from Medico Finance loans.

What Employment Verification Is Required?

You must confirm your qualification and employment as a medical professional via one of the following methods:

  • Copy of University degree or qualification
  • Copy of registration with the Medical Practitioners Board of Australia or equivalent body

What Type of Income Verification Is Required?

Copies of the most recent Tax Return is required for both:

  • Established Self Employed Medical practitioners
  • PAYG Medical professionals

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